Ethereum Completes The Istanbul Hard Fork Successfully
Ethereum Completes The Istanbul Hard Fork Successfully
December 9, 2019
Ethereum Completes The Istanbul Hard Fork Successfully
Ethereum Completes The Istanbul Hard Fork Successfully
December 9, 2019

Ethereum has successfully completed the Istanbul hard fork, while by hitting at block number 9,069,000, the systemwide upgrade is the network’s third in 2019, after February’s St. Petersburg and Constantinople hard forks.

It has been analyzed that another iteration of Ethereum 1.x, Istanbul is the network’s eighth hard fork overall with the first code changes being approved in June 2019.

However, Eth 2, the network’s major transition to proof-of-stake (PoS), is expected in 2021. Being non-contentious, all Ethereum clients, which host and independently upgrade the ethereum protocol themselves, have agreed to the new software. 

Istanbul includes six Ethereum Improvement Proposals (EIPs), specific code changes to the Ethereum protocol, including EIPs 152, 1108, 1344, 1844, 2028 and 2200. 

It has been reported from ConsenSys, the Ethereum Venture Studio, that the main issues addressed by the six EIPs are:

  • Denial-of-service (DDoS) attack resilience (EIP 1344).
  • Interoperability with equihash-based proof-of-work (PoW) cryptocurrencies such as zcash (EIP 152).
  • Gas costs (EIPs 1108, 2028, 2200).

As it has been stepping back, the cost to send a transaction on the Ethereum network is called ‘gas’ and paid in fractions of ETH called ‘gwei’. The lowered gas costs enabled by Istanbul’s EIPs are meant to increase bandwidth on the blockchain and foster zero-knowledge privacy technologies such as zk-SNARKs.

ALSO READ :  Bitcoin Subreddit Sees Remarkable Increase In Its Number Of Subscribers

Likewise, one scare before Istanbul took place was with Ethereum client Parity, which released an urgent message to Parity Ethereum users to conduct a patch on the pre-released Parity Ethereum update before the Istanbul hard fork occurred. In short, EIP 1344 – concerning opcodes – was not initially included.

Hudson Jameson, the Ethereum Core Developer, said that if Parity clients failed to update in time, a new chain could develop causing double spends.

Jameson added:

“Parity represents about 23% of the network and is commonly used by major miners and exchanges. I fear if one to two major exchanges stay on the old fork and one to two major mining pools mine the old chain it will cause confusion and in a more severe case double spends.”

It has been reported in September that 680 smart contracts on Aragon, a governance platform, will be broken by the planned hard fork. 

However, certain code changes will change how funds can be sent between decentralized autonomous organizations (DAOs) by forcing users to manually migrate smart contracts from one structure to the other. 

While Aragon supports the continuing growth of Ethereum, Jorge Izquierdo, the CTO of Aragon One, said that Ethereum developers need to be more cognizant of those developing on the network.

ALSO READ :  Bitcoin Closes With 6 Green Candles After April 2013

Thus, Izquierdo said:

“Developers don’t want to build on a moving target, and backward compatibility should be taken seriously as well. Ethereum is not a toy anymore, it’s a platform with a sizable investment and a big reach, and as such changes like this need to be professionally measured before being taken.”

Source: |


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.